Workers’ remittances rise 16.5pc to US $18.4 billion in FY15

ISLAMABAD: Overseas Pakistani workers remitted US $ 18454.04 million during Fiscal Year 15 (July to June), showing a significant growth of 16.5 percent compared with US $ 15837.68 million received during the same period in the preceding year.

According to State Bank of Pakistan (SBP), during June 2015, the inflow of worker’s remittances amounted to US $ 1821.28 million, which is 9.51 percent higher than May 2015 and 21.5 percent higher than June 2014.

The country wise details for the month of June 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 536.68 million, US $ 423.24 million, US $ 258.94 million, US $ 247.96 million, US $ 209.66 million and US $ 34.27 million respectively compared with the inflow of US $ 471.88 million, US $ 295.63 million, US $ 222.34 million, US $ 200.82 million, US $ 168.62 million and US $ 37.43 million respectively in June 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2015 amounted to US $110.53 million together as against US $102.58 million received in June 2014.